In November 2020, Leroy transfers his business to a limited company in exchange for 50,000 in cash
Question:
In November 2020, Leroy transfers his business to a limited company in exchange for £50,000 in cash and shares which are valued at £600,000. The gain arising on the transfer is £260,000. Leroy does not elect to disapply incorporation relief. Calculate the amount of the gain which is immediately chargeable and the amount which is held-over.
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The heldover gain is 260000 x 6000006...View the full answer
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